It has been said a college education is an investment in one’s future. Although college is quite expensive, the financial rewards still outweigh the cost of higher education.
Not so for at least one Sherwood man.
According to a police report filed by Sherwood Officer Tammy Turner on June 22, James Galloway IV of Sherwood came into the police headquarters to report an unknown person had taken out 12 student loans in his name since 2002 for a total of $37,619.
"Upon arrival contact was made with James Galloway," a police report states. "Galloway advised that Sallie Mae had contacted him in reference to several student loans that had been taken out in his name."
Galloway said he had retained an attorney who is working with Sallie Mae to get his name removed from the student loans.
"Mr. Galloway told me that Sallie Mae advised him to make a police report and send it in with a fraud affidavit," the report states.
Galloway advised that on May 30, 2002, a loan in the amount of $1,619 was taken out in his name. According to the report, the other loan amounts and dates are as follows:
• $4,000 on Aug. 12, 2002;
• $2,625 on Aug. 12, 2002;
• $875 on Sept. 6, 2002;
• $3,500 on Aug. 26, 2003;
• $4,000 on Aug. 26, 2003;
• $3,500 on Aug. 23, 2004;
• $4,000 on Aug. 23, 2004;
• $2,000 on July 6, 2005;
• $1,000 on July 6, 2005;
• $5,500 on Aug. 29, 2005;
• $5,000 on Aug. 29, 2005.
Police told Galloway a report would be kept on file with the police department.
Sallie Mae is a financial firm which specializes in education and student loans, according to its website.